Komal Joshi · Oct 21, 2020 . 6min read
DeFi Protocol UniLend concludes funding rounds, raises $3.1M
Permission-less decentralized protocol UniLend raises $3.1 Million from powerful strategic investor support, enhancing DeFi ecosystem.
By Komal Joshi · Sep 29, 2020 . 7min read
DeFi protocol UniLend has currently concluded the seed and private sale funding rounds. UniLend raises $3.1 million as part of its efforts to welcome every token in building the DeFi. Moreover, UniLend consolidates spot trading services and money market with lending and borrowing services. UniLend’s combined smart contract functionality provides both trading & DeFi capabilities to co-exist within the same protocol. Thus, solving the liquidity and liquidation issue restraining the growth of DeFi adoption to a broader market.
Contributors in the Seed Round to form UniLend’s Supporting Backbone
Woodstock Fund led the funding rounds with further support of other prominent VCs and industry players like Signal Ventures, 3Commas, Jay Putera (Partner at CryptoBriefing.com), Danish Chaudhry (Head of Bitcoin.com Exchange), TRG Capital, BTC12 Capital, AU21 Capital, Youbi Capital, TomoChain, Bidesk, Bibox, Tenzor Capital and Sandeep Nailwal (Co-founder, Matic Network).
These contributors shall develop the backbone of a strong network of early UniLend supporters. Additionally, they have primarily been picked based on the value they are bringing to the long-term success of UniLend. Contributions involve preparing a broad initial base of tokens on UniLend with initial liquidity, liquidity bootstrapping for continuous user experience from the platform’s initial days. Moreover, it also includes global and regional marketing attempts to generate awareness about the platform.
Exploring DeFi’s Potential.
For the uninitiated, UniLend is a permission-less decentralized protocol. It consolidates spot trading functionality with lending and borrowing services within the same platform. Moreover, a user can list any ERC20 token on UniLend. Thus, this unlocks the door to decentralized lending, trading, and borrowing for any Ethereum-based asset. UniLend is actively investigating support for other blockchains. The UniLend team elucidates that providing more cryptocurrencies to compete in the DeFi free market via permission-less listings could enhance the DeFi ecosystem’s liquidity.
UniLend Finance Token (UFT), the native utility token of the UniLend platform, is a transferable illustration of attributed functions. UFT will perform a significant role in the functioning of the UniLend platform. However, it is intended to be used singly as the primary utility token on the platform.
We believe the next evolution in DeFi is the inclusion of not only any participant but the inclusion of any asset which users wish to utilize for DeFi. UniLend is making this a reality, and our progress on all fronts is going strong. Together with our strong community and partner network, we’re well on the way to unlocking the true potential of decentralized finance.Chandresh Aharwar, the co-founder and CEO of UniLend
UniLend liquidity providers profit from a percentage of the fees created from borrowing and trading services. Moreover, they will also receive UFT tokens via liquidity mining. The users utilizing UniLend protocol will also be rewarded for participation with UFT governance tokens.
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